How to Run Bitcoin as a Tor Hidden Service on Ubuntu
Why should you run a Bitcoin hidden service on your knot?
* It increases the privacy of other Bitcoin users who are anonymizing their deeds via Tor. Specifically, it is a countermeasure to many of the “network observer” attacks listed on the Open Bitcoin Privacy Project’s threat model.
* It makes your own knot more sturdy against Sybil attacks and network partitions.
* It doesn’t require much more computational resources to run, just the one-time setup cost of configuring your machine.
There are several ways that you can configure a Bitcoin knot to connect to Tor that are outlined in the documentation; for the purpose of this guide we are focused on the third option: “automatically listen on Tor.”
As of Bitcoin Core 0.12, a knot will automatically run a hidden service if it is able to connect to a local Tor daemon. However, we have to make sure that a few things are configured correctly so that the knot and daemon can talk to each other.
Very first we need to go after the instructions to install Tor. We’ll need to know the codename of the Ubuntu release:
Now we can install Tor; substitute <codename> with your version.
Add these two lines to the file and save it:
Now that Tor is installed and running, check the configuration:
Ensure that the following lines are (anywhere) in this config file:
If any of those lines were missing, save the config file and restart the Tor daemon via:
Now we need to make sure that the linux user that runs the bitcoind process has access to read the tor authentication cookie. You can determine the name of the Tor user via:
Now modify the user that runs bitcoind on your machine to be a member of the Tor group:
At this point (just to be safe) you should open a fresh terminal window / SSH session to ensure that the bitcoind user has the correct permissions. In the fresh window, you can check the permissions via:
If your user is in the tor group, now we can commence bitcoind. Make sure to stop it very first if it’s presently running.
Now check the bitcoin log to make sure the configuration works:
You should see output like so:
If you see this error:
Then you didn’t configure Tor’s deb repository correctly and accidentally installed tor from Ubuntu’s out-of-date repository. You’ll need to “sudo apt-get eliminate tor” and reconfigure the repository before reinstalling it.
If you see this error:
Then your tor-service-defaults-torrc file is misconfigured or you left behind to restart the daemon to make the switches take effect.
If you see this error:
Then you did not correctly add the linux user that runs bitcoind to the tor group.
Otherwise, if everything looks good, visit https://bitnodes.21.co/ and use the “check node” implement to make sure that it’s accepting connections.
If bitnodes is able to connect, you can optionally click on the green link that shows up for your node’s status, scroll to the bottom of your node’s status page, and input your email address to receive alerts if bitnodes ever has issues connecting to your node’s hidden service.
How to claim Bitcoin Cash (BCC) using the Electron Cash wallet
How to claim Bitcoin Cash
On August one 2017, around 20% of Bitcoin Miners made the decision to “fork” the Bitcoin (BTC) Blockchain to create a fresh cryptocurrency named “Bitcoin Cash” (BCC).
This isn’t the very first time that members of the community have created a fresh cryptocurrency based on the Bitcoin Blockchain and it remains to be seen whether BCC will be a big hit or fall by the wayside. You can read a little about Bitcoin Cash and the advantages its supporters feel it offers over regular Bitcoins on the Bitcoin Cash website.
For now, it’s enough to know that if you possessed any Bitcoins at the time the Blockchain forked, you’re entitled to claim an equal amount of Bitcoin Cash. As the value of the Bitcoin is determined by supply and request you can’t be sure that Bitcoin Cash will have the same USD/EUR/GBP exchange rate but you have nothing to lose by claiming your BCC.
In this guide we will explore firstly how to stir your existing Bitcoins to a safe place using the excellent, lightweight ‘Electrum’ wallet software. You will then learn how to install the ‘Electron Cash’ wallet. This software is based on Electrum but designed for users who want to hold and spend BCC specifically.
1. Download Electrum
In order to redeem your Bitcoin Cash, you’ll need to provide the “Electron Cash” wallet with the existing private keys to your Bitcoin Wallet. This is risky given that both the currency and the software itself is relatively fresh. As such, you’ll need to stir your existing Bitcoins (BTC) to a safe place very first. Open the browser on your machine and navigate to the Electrum website.
Click the ‘Download’ tab. If you are a Windows user choose the ‘Portable’ version of Electrum. Otherwise choose the version specific to your distro.
If you happen to use the Electrum wallet software to hold your Bitcoins already, use a different computer or a virtual machine to run these steps.
Two. Set up Electrum Bitcoin wallet
If you’re using Microsoft Edge, choose to save the program, then click ‘Run’ when the download is finish. Otherwise dual click to run the program from your Downloads folder.
Leave the option on the very first window checked to default (auto connect), then click ‘Next’. The next screen will ask you to create a wallet file. Click on ‘default_wallet’ to switch the name to something more memorable such as ‘transition_wallet’ if you wish.
Click ‘Next’ again and choose your wallet type. Standard Wallet is very likely the easiest. The ‘Keystore’ window will ask if you wish to create a fresh seed. Leave this option checked and click ‘Next’.
Trio. Manage seed and set a password
Unlike other Bitcoin wallet programs, Electrum connects to various servers which run a copy of the Bitcoin Blockchain. This makes it very lightweight as it doesn’t have to download its own copy. You can access your wallet on various computer using your ‘seed’, a series of twelve random dictionary words.
Write down the seed that you see on a chunk of paper and store it somewhere securely. This is crucial to make sure that your Bitcoins are safe. Click ‘Next’ once you’ve done this and retype your seed into the box to confirm you have it noted correctly.
Click ‘Next’ then (optionally) set a password for your wallet. Electrum will ask for this each time you begin the program the very first time and want to send a transaction.
Four. Manage Electrum addresses
Electrum will now generate addresses for your fresh wallet. As soon as it starts click on the ‘Receive’ tab and find a valid address for this wallet where you can receive coins e.g. 16VPngD7CQmAbCb1L4CEzrTnQq8p1VjfeU. Leave Electrum running. Open your original wallet and send all your Bitcoins to this fresh address.
This is now your fresh Bitcoin wallet and you should use this for all BTC related transactions. Wait until the transaction is confirmed and your old wallet is empty before proceeding. You can use websites such as Blockchain to check the number of confirmations (wait for at least 6).
Five. Export private keys
Now that your old wallet software is empty, you will need a list of any private keys it previously used. The Electron Cash software can use these to redeem your Bitcoin Cash.
The specific steps to do this will vary from wallet to wallet. For example, if you originally used Electrum to hold your Bitcoins, you can click Wallet > Private > Keys export to save them as a list in CSV format. If you used a Bitcoin Paper wallet originally to hold your coins the private key is the long series of digits and numbers along the front.
6. Download Electron Cash
Now the time has come to redeem your Bitcoin Cash. Make sure that you’re using a separate computer or virtual machine to the one where your Bitcoin wallets are located.
In your web browser visit https://electroncash.org. Windows users may see a warning telling the website is unsafe. As your old Bitcoin wallet is empty and you’re using a separate machine, the risk is minimal. Click ‘More Information’ then ‘Disregard and Proceed’.
Click the ‘Download’ button and then on the version of Electron Cash for your OS. Windows users may see a Windows Defender warning. Click ‘View Downloads’ then ‘Download Unsafe File’ to proceed.
7. Set up Electron Cash
Run the Electron Cash program from the folder where you downloaded it. The setup process is very similar to the Electrum wallet. Click on ‘Next’ to choose to ‘auto connect’, then on ‘next again’ to create a default wallet. You can rename this to something meaningful such as ‘bcc_wallet’ if you choose. Click ‘Next’ again.
On the ‘Keystore’ window choose ‘Use Public or Private keys’, then click ‘Next’. In the box below paste any private keys used by your original Bitcoin wallet. Make sure only to paste the private keys.
Click ‘Next’ to proceed.
8. Love your Bitcoin cash
The Electron Cash software will now generate your addresses and display your balance in BCC at the bottom left. At this stage you may want to tweak the software slightly by clicking on the green network indicator at the bottom right.
How Ripple is Targeting an Entirely Different Market to Bitcoin
Bitcoin was introduced in two thousand nine as an alternative network to the global financial system monopolized by centralized institutions and rigorously regulated financial service providers. By providing a peer to peer protocol wherein users can send and receive transactions with the absence of intermediaries, Bitcoin essentially became the very first decentralized financial platform.
Replicating or being inspired by Bitcoin’s structure, alternative cryptocurrencies or altcoins emerged. One of the most successful cryptocurrencies that has maintained its market cap and client base over a relatively long period of time is Ripple. It consistently has ranked in the top three altcoin, falling behind Bitcoin and Ethereum. Ripple’s vision was to provide a more efficient infrastructure for the centralized institutions and the conventional finance industry.
Ripple is significantly different to Bitcoin philosophically and structurally. If bitcoin is described as a decentralized peer to peer network developed to operate as an alternative financial network to that of the existing global financial system, Ripple can be explained as a protocol structured to serve and enhance the existing global financial system. It has partnered with leading banks and major financial institutions to lodge cross-border and cross-bank transactions transparently, with strong security measures in real time.
The current global financial system operates on top of an outdated and inefficient IT infrastructure and system. For a transaction to become fully verified and lodged, it could take days to weeks with a substantial fee, usually in the range of $30 to $50 per transaction. Often times, transactions initiated by banks through an international financial network such as SWIFT get lost within the system, requiring manual confirmation and a period of weeks for the transaction to be recovered and lodged.
Essentially, Ripple utilizes blockchain technology and the concept of digital tokens to simplify global banking. Major banks and financial institutions are in agreement with Ripple’s vision and strategy and have adopted Ripple’s system. Most recently, CryptoCoinsNews reported that Spanish banking giant BBVA began to utilize Ripple blockchain for Spain-Mexico money transfers.
“This pioneer initiative is a clear demonstration of how payment processes can be vastly improved through the implementation of emerging technologies. These improvements will benefit our clients’ transnationality,” head of digital transformation in investment banking at BBVA stated.
However, an ambiguous component of Ripple’s services is the necessity of intermediaries. In an email, Ripple representative told CryptoCoinsNews that Ripple executives believe “bank’s aren’t going away” and that “bitcoin is getting it wrong.” Yet, by growth, bitcoin has evidently appealed to a broader range of users, businesses and investors as it is valued at $23.7 billion at the time of reporting. Ripple’s market cap is below ten percent of bitcoin’s.
`An intermediary such as BBVA utilizing the Ripple network for a customer can be understood as an intermediary using another intermediary to process transactions. Thus, in the long run, one of the two intermediaries could be rendered ineffective. Either users will solely rely on the Ripple network and utilize XRP to make transactions with each other or banks will develop their own blockchain network similar to SWIFT and simply discard its partnership with Ripple.
The issue with banks developing their independent blockchain networks is the necessity of cooperation and collaboration. Hence, by relying on an existing blockchain network structured to serve financial institutions, banks can cut development costs.
Three advantages Ripple offers to its banks is speed, certainty and cost. By utilizing a decentralized blockchain in Ripple, banks can potentially see a reduction of billions of dollars in operating costs. Whether banks will remain with Ripple and work on the development of a cross-bank network or form their own blockchain network like JP Morgan is still difficult to speculate.
LINK is an Ethereum blockchain. A blockchain is a collective database that has a built-in cryptocurrency that is used to financially incentivize the neutrality of the database. No-one can be in charge of a blockchain.
The very first blockchain was called Bitcoin. Pretty much the only thing in the Bitcoin database is how much Bitcoin each account has.
Ethereum takes this concept much further. Computer programs called brainy contracts can be uploaded into the blockchain and these programs can then store data in the database that everyone has a copy of.
Many big projects are deployed on the Ethereum blockchain. But this presents a problem. One must assume that every software project has fatal bugs that will need to be stationary once they are discovered. Bitcoin had fatal problems early on that needed to be stationary and so did Ethereum.
Unluckily, when the projects that are deployed on Ethereum need to be stationary they will have a very hard time because they will need to coax the entire blockchain to deploy their fix. This was the problem with The DAO crowdfunding project. An attacker stole $150m because of a bug in the clever contract. In attempting to fix this problem the Ethereum was split into two blockchains: Ethereum and Ethereum Classic.
The only purpose of the LINK blockchain is to run LINK. This means that whenever there is a problem that can only be stationary with a hard fork, it will not be difficult to coax the LINK community to adopt it.
The cryptocurrency of the LINK blockchain is also called LINK.
The principle brainy contract on the LINK blockchain is BlobStore . It uses IPFS as the underlying storage layer. Anyone can store a blob of data and get back a blobId . This data is publically readable to everyone.
BlobStore has a rudimentary revisioning system so blobs can be updated while retaining their blobId and revision history.
Google Protocol Buffers¶
In order for the data stored in BlobStore to have meaning, there must be some sort of schema. Google Protocol Buffers (Protobuf) is ideal for this. It has an upgradable schema system. This means that LINK has a system of content type inheritance. A standardized story type could be extended with fresh fields and still be readable by software that only knows how to read standard stories.
Anyone can make a fresh type. Example types are user profiles, media metadata, tweets, reddit posts, blog posts, business information, reviews, etc.
Protobuf encodes the data very tightly. This data is then compressed with Google Brotli. This minimizes the cost of storing information on LINK.
Extra wise contracts¶
Anyone can deploy extra brainy contracts onto the LINK blockchain. An significant example would be a feed contract that would provide functionality akin to RSS / Twitter / YouTube.
Other examples would be contracts to vote for content or tag content.
Genesis Mining Review and Profitability two thousand sixteen – 2017
Today I’m going to review Genesis Mining. It is a company that was around for some years now. Let me share my own practice with it, as well as some useful info I’ve gathered about it from other sources.
Genesis Mining is a crypto currency farm that has their facilities in North America and Asia. They have phat mining equipments and they rent cloud mining hashrate.
Now, before we proceed, let me shortly explain what hashrate rent is about, how the entire process works and why people rent their equipments. It is crucial to understand these things before we budge on to the company itself and my practice with it.
Why Do People Rent Mining Hashrate and How Does It Works?
Let’s be fair – it is not always effortless to have your mining equipment at home. This kind of equipment occupies lots of space and produces meaty amounts of noise and warmth. If you are fortunate (or unlucky) enough to live alone, then you might be okay with that. Now, if you are not, then your roommates might simply not permit you to have such a noisy chunk of tech at home.
High power consumption is another reason why many people choose to avoid crypto mining at home. Some cities are infamous for having expensive violet wand rates. There are also some other reasons why crypto mining at home might have its downsides. Crypto currency mining is a good occupation; in fact, it might be fairly lucrative, but only if certain conditions are met.
So, what happens if for some reason you cannot have a mining equipment at home? Providing up on crypto currencies might be an option. Now, would it be a wise one? According to economists, crypto currencies are the future. Well, at least as for today, crypto currencies rank among the most stable and inflation-resistant kind of financial goods.
All of that means that paying someone to mine for you might be the best option. There’s a reason why there are dozens of companies that permit you to rent their mining equipments. In most of the cases, you pay them a certain amount of money for the right to have a share of the hashrate for a limited amount of time. Other contracts even last a lifetime. This results in a passive income for many years on. How cool is that. And how can that be possible?
Why Would Someone Rent Their Equipments?
This was the very first question I’ve asked when I very first heard about hashrate rental companies. Yeah, why would you rent your gear to someone if you could use it to mine for your own profit?
Eventually, the reason is fairly elementary. Technologies evolve every day, especially when it comes to mining equipments and mining algorithms. Most of the time, momentum is what matters the most. Every time a fresh GPU hits the shelves, you need to be among the very first miners who get their arms on it. Otherwise, you might end up lagging behind your competency.
Mining crypto currencies is lucrative, yet as you surely know, it is a slow process. The stable flow income from mining is often not enough to provide you with enough funds overnight. Also, as we are going to discuss a bit later, it is not always a good time to sell crypto currencies. That’s why renting hashrate makes sense — as a equipment holder, you might sacrifice part of your sustained income in order to get that instant cash you need to keep up with the newest innovations.
Understanding this is enormously significant, in my opinion. Otherwise, it is not clear why someone would rent their hashrate to random people and thus their suggest might seem scam.
Why Genesis Mining?
As you could imagine, I’ve spent some time researching about the topic. No, I haven’t personally attempted all the companies out there, but I did read reviews and observed the market for some months.
What I realized is that sadly, many hashrate renting companies ended up being a scam. You could lightly spot a fake by looking at their low prices and utterly swift leverage. Companies that grow too quick tend to fall down swift as well.
Genesis Mining, on the other arm, had an acceptably good launch and from there it commenced to live and evolve like any other normal company. At least that’s what I’ve observed from the outside. Just like any company, GM has some amount of haters that keep calling it a scam. Looks like it is unpreventable, after all you cannot please everyone.
What Are the Risks?
Let’s be fair – we always risk our money when we join a company. Genesis Mining is no exception. There is some trash talk about GM, but there are many positive reviews too. I’ve determined to take the risk and purchase one of their packs.
What is good about Genesis Mining is that you can purchase a puny pack and risk only twenty dollars or so. You don’t have to buy an expensive package or a monthly membership in order to get commenced, and that’s something I liked. They don’t pressure you to spend a lot of money, which is a good sign, in my opinion.
I Signed Up
So I signed up two days ago. My main aim is to test the profitability and the customer service quality. Also, I want to check whether their claims are reasonably close to what you truly get.
I’ve purchased a package worth $220, which granted me 1.Five TH/s on bitcoin mining. In theory, the contract has no deadline (it’s a lifetime contract).
The comeback on investment you get with Genesis Mining mainly depends on two factors: the mining algorithms difficulty and the price of the crypto currency you’re mining. Genesis Mining provides you with unspoiled hashrate, so there’s no way they can include any hidden fees there.
The only extra fee I have to pay is tens unit. This applies only to lifetime contracts, however. The other ones require one time payment for one or two years of service, depending on the plan. Electro-therapy fees are based on the amount of hashrate you’ve purchased. According to my calculations, it takes about 20% – 30% of the income.
My Very first Two Days
Genesis Mining accepts either credit card or coins as payment. I’ve determined to pay with my credit card, and now I regret doing that.
As you very likely know, bitcoins do not permit you to make any kind of chargeback. Therefore, users can’t purchase an expensive pack, love some amazing income stream for two weeks and then ask for a refund, just to repeat the process again and again.
On the other mitt, credit cards do permit charge backs; that’s why GM freezes your earnings for somewhere inbetween two weeks and a month. This is the reason why I don’t see any movements in my ‘reports’ graph. According to the contract, they will not send the funds to my bitcoin wallet until the chargeback period is over.
The funds are accumulating on my Genesis Mining account for now, and they should be released to my bitcoin wallet as soon as the period completes.
That being said, the customer support was indeed professional and friendly. They replied in less than two hours, and they have answered my question, rather than redirecting me to a FAQ.
How Much Can You Earn With GM?
While I haven’t had the chance to attempt it for a long time yet, I have made my research before opting in. I will be fair with you – there are a number of complaints about the low ROI – people invest money and then they have to wait about a year or more to have it back.
This is realistic since as I’ve mentioned earlier, ROI depends on two aspects: mining difficulty and the currency cost.
According to my calculation and CryptoCompare’s Bitcoin calculator:
With the very first calculation it looks good, in one year my profits for $220 invested is $142.45 (362.45-220=142.45), anyway will see how that goes and what is the real comeback/mined daily. I WILL KEEP THIS POST UPDATED WITH THE EARNINGS!
Nevertheless, Genesis Mining offers a rather unique feature. It permits you to boost the ROI significantly, when used the right way, by letting you choose which coins to mine. You can allocate the hashrate inbetween seven different popular crypto currencies, with BTC being one of them.
This is a pro feature and looks like only few people give it a good use. If you want to love its utter potential, then all you have to do is keep an eye on the values of the altcoins. Do it as often as you can, and attempt to allocate more mining power to the coins that have a good outlook.
The process of allocation is made indeed ordinary in Genesis Mining. Once logged in to their website, you will find a user-friendly (or shall I say, “noob-friendly”) control panel. From there, you can switch the way you spend your hashrate lightly with lots of visual cues to aid you.
Genesis Mining might work as a passive income generator, but it performs way better if you’ve got the mentality of a stock trader. Ideally, you want to keep a constant eye on the crypto coin market, and sell the coins only when they achieve their highest value.
A common mistake most people do is that they (a) mine only one type of coin and (b) convert the coins to dollars as soon as they can. Crypto currencies are an investment rather than cash. If managed decently, they might bring some amazing profits. Genesis Mining is a fine way to get crypto currencies without the need to own a mining equipment.
I guess that’s all I could tell you for now. I’ve spent a lot of time researching about the topic, and I’ve attempted to resume it all here. I will keep you updated about how things are going.
LIKE I SAID ABOVE I WILL KEEP THIS POST UPDATED WITH THE EARNINGS! Make sure you check this post once in a while or at least go after me on facebook!
Do you have any questions or useful information you’d like to share about the topic? Please let me know in the comment section below.
Thank you for reading. As always, your comments, suggestions and questions are welcome.
By The Record on March Ten, two thousand seventeen
Microsoft and Bank of America Merrill Lynch’s blockchain project is taking the complexity, cost and error out of labour-intensive trade finance processes. We find out more about the work they’re doing together.
Microsoft and Bank of America Merrill Lynch (BAML) recently went public about the work they’re doing around blockchain. The two are building and testing blockchain-powered financial exchanges on Microsoft Azure – Microsoft serving as the technology provider and test client, through Microsoft Treasury, and BAML providing the necessary trade matter subject expertise. Their aim is to develop applications that optimize trade finance processes, which tend to be very manual, time consuming and costly.
“Blockchain can convert our business,” says Chris Bozek, who leads the Global Trade and Supply Chain product team at BAML. “Specific to trade, there is significant potential because it is inherently a document strenuous business. It relies on bilateral exchanges of documents that need to be reviewed, agreed upon and then complied with to sate the financial side of the transaction. It’s an arousing time as we learn how to take advantage of technology to not only accelerate transactions, but reduce risk and cost, and improve transparency for all parties.”
Marley Gray is a leader on the Microsoft Azure Engineering team, which has been tasked to help identify where and how Microsoft Treasury can use this distributed ledger technology to improve its operations. “Microsoft Treasury is a ideal use case for blockchain,” says the principal program manager. “The unit manages over US$150 billion in assets and, as our company has moved from a products to a services selling strategy, its processes have become far more complicated.”
To commence with, Microsoft and BAML have been focusing on standby letters of credit – documents issued by a bank, providing payment assurance on behalf of a client should the counterparty not perform as intended. “The application process has traditionally been a long, painful one,” says Gray. “It was manual, took too long and also had a very high error rate, because of the number of steps and parties involved.”
“The challenge was to understand how blockchain can reduce cycle time and also provide Microsoft with a better risk view – not only from a portfolio but from a client perspective,” explains Bozek.
“Our paper-based process took five days,” says Gray. “With blockchain, the cycle time was diminished by more than half, regardless of how many parties were involved. And the error rate went down from 50% to zero.”
Microsoft and BAML are now refining the technology and exploring how they can apply blockchain to other trade financing products. “We can now tackle extra transaction types using our standby letters of credit solution as a basis,” says Bozek. “It’s a superb solid foundational product for us to build upon.”
Over time, they also expect to add fresh features from Project Bletchley – Microsoft’s open, modular blockchain fabric powered by Azure – and bring more parties into the mix.
“It’s been a very good learning process to see first-hand how a treasurer is evaluating the benefits of blockchain specific to trade transacting,” says Bozek. “As we work through the adoption challenges of this fresh technology, we’re gaining some valuable insights into blockchain as a service and transacting in the cloud.”
Very first Ethereum-Financed Independent Film Uses Clever Contracts
While there are several Ethereum projects presently being created, The Pitts Family Circus is the very first attempt at an Ethereum financed movie, which eventually will share the profit of the films production with investing Ethereum holders via Brainy Contracts on the Ethereum Blockchain.
The feature film based on the unique Australian circus family The Pitts and was written by Ken Fanning & Tony Caradonna, is directed by Ken Fanning and produced by Chicago company aKenEvilThing. With discreet beginnings fifteen years ago as a street theatre display The Pitts have toured the world seven times and grown into a charming family circus that is hugely popular with crowds wherever they emerge.
With only six hundred sixty six limited shares available, the shares are ten ETH each, but there is also the possibility to buy fractional parts of a total share.
Token holders can invest in the crowd-sale via an Ethereum wise contract and they will receive a Ethereum based ROI for the next twenty years. In detail shareholders will receive fifty percent of the yearly profit after tax until the year 2036. The movie production and its investment are legal lodged on the law of Switzerland and incorporate the benefits of the Swiss tax system.
It has been an titillating year for the Ethereum world computer and its community. Several projects have been founded since the budge to Homestead and the ecosystem is still growing rapidly. While Bitcoin is still the internet of money, people now can imagine a little more how Ethereum`s DAPPs and clever contracts could affect future life.
The horror-comedy will be produced from the early two thousand seventeen in Australia and in the alps of Switzerland. The movie will be introduced on film-festivals in two thousand eighteen and will be screened in in cinemas all around the world.
With this fresh method of funding independent productions, can build up a numerous return-on-investment.
If the Ethereum price proceeds to rise while the movie is being produced, extra resources could be used to improve the films success and therefore the investors ROI.
Community involvement and active story based placement of Ethereum projects and products could be essential key factors on the roadmap. Ultimately the project should bring a long-term benefit to investors and will strength the community. Interested people can find more information on www.the-pitts-circus.com or invest directly with a wise contract: 0x0C7c0b72004A7a66fFa780637427 fEd0c4FaAc47
About Richard Kastelein
Founder of industry publication Blockchain News, playmate at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Fucking partners (Oracle Fucking partner) and ICO event organiser at leading industry event CryptoFinancing (very first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over one thousand two hundred articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
1. Blockchain.. the buzziest word in the entire Tech/FinTech/VC space in 2016. While from a technological point of view, blockchain is certainly one of the most titillating and ambitious initiatives across all industries, from the business side it’s still at very early stage (so called “prove-of-conept” stage for the entire industry)
in two thousand sixteen — $542M invested; in two thousand fifteen — $458M; in two thousand fourteen — $344M
Market is getting mature and we see very first companies which were able to raise Series B investments and above: the market consists of <800 blockchain companies, 34% (
250) have received any type of funding, 19% of those (
50) have reached round A, 16% of which (
Ten) have reached Series B;
There is a decreasing tendency towards launching fresh blockchain
companies and this number has dropped by 25% in 2016:
2016 – only 169 fresh blockchain companies launched; while in two thousand fifteen — 221and two thousand fourteen — 233 companies was created
However there is an increase in number of investment deals —20% YoY growth :
in 2016–119 deals; in 2015–99 deals; in 2014–54 deals;
Average deal sizes and tickets to equity grew in 2016; companies that reach later stage rounds receive yam-sized equity investments
Regarding exits in blockchain, it’s now too early days to expect many notable acquisitions, however few M&A deals already happened. Mainly, blockchain startups are acquired to get an access to their technology and getting the brainy team on board of a big organization, so exit multiples are not so high as if these companies had significant financial and operational traction
Two. InsurTech is relatively fresh industry however it’s developing fairly quick becoming one of the most growing vertical in the FinTech space.
Very first of all, don’t pay big attention to the 34% drop of InsurTech market in 2016, it actually grew up by 25% considering the number of deals. Two thousand fifteen displayed abnormal raise of InsurTech market mainly driven by Chinese large and extra-large deals, including $1B USD invested into world’s largest insurtech startup Zhong An.
1400 insurtech companies, however the launching tendency is decreasing: while in two thousand fifteen almost three hundred companies
were launched, in two thousand sixteen we see a 40% decrease of this number (
180 fresh startups)
In 2015, the pike was mainly because of a largest in insurtech history Chinese deal — Zhong An, that made almost 40% of the entire year’s funding amount
However the number of investment deals proceed to stadely grow and two thousand sixteen showcased 25% Y0Y increase
in 2014–54 deals;
in 2015–125 deals;
all investments came to US companies
India is remarkably catching up the Insurance trend; while all of a sudden China was very silent in 2016, especially considering insurtech boom there in 2015
This tutorial covers a petite set of transformational applications of the blockchain in progress today.
– The possibilities of blockchain are staggering but they are also relatively speculative. Let's take a look at actual real-world uses that extend beyond its original use for bitcoin. Here's the very first example. There proceeds to be a excellent interest in technologies to help track stolen diamonds, in addition to knowing whether a diamond is associated with a conflict zone. A startup called Everledger has begun to use blockchain to store information on almost one million diamonds.
Each diamond is scanned to glean forty unique points that are then condensed into a digital footprint. This is then entered into the blockchain. Each time a diamond moves say from a seller to a buyer, a fresh block is created and over time a utter, secure digital trail of ownership is established. The adoption of this solution is growing and Everledger is attracting attention from investors. Beyond diamonds, the same device may soon be expanded to manage and track art, expensive sees, luxury cars, and other unique items of value.
This blockchain solution potentially solves a longstanding intractable challenge. For the next example, how about a venture capital rigid without essential proprietor, where funding decisions are made by shareholders not VC's. The DAO which stands for decentralized autonomous organization, raised $168 million from cryptocurrency and is entirely run by those that are invested in it.
Its governance is entirely semitransparent unlike traditional VC's where functions and rules are private and opaque. The DAO has not been without serious challenges including several security breaches. Not necessarily dispelling the security promise of blockchain, but more a reflection on its particular implementation. It's fair to say the bonus of innovation exhibited by the DAO is subject to the same teething problems that introducing any fresh high risk product and service practices.
And then to these such as the DAO raises the stunning possibility of autonomous organizations; businesses without leaders, without a primary geographic location, and not beholden to any government laws. Now whether this can be sustained, only time will tell. For the final example we'll look at voting on the blockchain. In 2016, Colombians voted on a peace treaty inbetween the government and FARC, the Revolutionary Armed Coerces of Colombia.
There were a diversity of limitations on enabling the six million Colombians living abroad to participate in the vote. So an organization called Democracy Earth experimented with the blockchain to capture their voices online. As we discussed earlier, the inherent challenges of online voting in any context is proving an identity to be true. Using this fresh technology enabled authenticating votes. In addition, to thrust voting innovation, Democracy Earth gave citizens more than a no and yes choice to the peace treaty.
They were given sub-themes to indicate by vote the relative importance of each one. While the votes could not be added to the official ballot, this voting practice did give a voice to a larger group of Colombians and has triggered a rigorous debate in Colombia about the use of online voting in the future. The practices and results are being studied by many around the world. If you're like me, it's hard not to be amazed by these very first attempts to innovate using the blockchain.
In each of these instances, historically big and difficult problems are finding a fresh and innovative solution. As with any fresh emerging technology, these very first movers are taking risks and laying the groundwork for everyone else who goes after.
Distributed Ledger Technology Vs Blockchain Technology
People often think of blockchain technology and distributed ledger technology as one and the same. Interestingly enough, that is not the case, even however it is not hard to see why some people would think along those lines. These terms have become entwined over the past few years, albeit it is significant to distinguish the two from one another.
Distributed Ledger Technology
It is difficult to come across a unified explanation of how one should look at the concept of distributed ledger technology. A distributed ledger is a type of database spread across numerous sites, regions, or participants. As one would expect, a distributed ledger has to be decentralized, otherwise it would resemble a centralized database like most companies use today. Removing the intermediary party from the equation is what makes the concept of distributed ledger technology so appealing.
Moreover, enterprises use distributed ledger technology to process, validate or authenticate transactions or other types of data exchanges. Records are stored in the ledger once consensus is achieved by the majority of parties. Every record stored in the distributed ledger is timestamped and has its very own cryptographic signature.
All of the participants on the distributed ledger can view all of the records in question. The technology provides a verifiable and auditable history of all information stored on that particular dataset. Distributed ledger technology will often to be referred to as DLT in financial and government circles.
On paper, the entire description of a distributed ledger sounds exactly like what most people think of when they envision a blockchain. However, the blockchain is just one particular type of distributed ledger. Most people know it as the technology powering bitcoin, Ethereum, and other popular cryptocurrencies. The name blockchain also refers to how “blocks” are added to the chain, which contains transaction records.
To make the chaining of blocks possible, the blockchain uses a cryptographic signature, known as a hash. In this sense, it is certainly possible to use a blockchain as a ledger, which can be collective with anyone and everyone. In the case of cryptocurrencies, this can be achieved by the other parties looking up blockchain information in real-time and even without installing specific software to do so.
What makes blockchains so intriguing is how they are so much more than just a plain data structure. It is possible to use a blockchain to determine rules for a transaction or even to create a brainy contract. Moreover, a blockchain is a sequence of blocks, but distributed ledgers do not require such a chain. Furthermore, distributed ledgers do not require proof of work and suggest – theoretically – better scaling options. Some implementations are capable of combining both a distributed ledger and blockchain, albeit this does not necessarily apply to every project focusing on either of these technologies.
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About The Author
JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.